Petro Matad (LON:MATD) Share Price Crosses Below Two Hundred Day Moving Average – What’s Next?

Shares of Petro Matad Limited (LON:MATD) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of GBX 1.59 ($0.02) and traded as low as GBX 1.25 ($0.02). Petro Matad shares last traded at GBX 1.29 ($0.02), with a volume of 2,132,836 shares.

Wall Street Analysts Forecast Growth

Separately, Shore Capital reiterated a “house stock” rating on shares of Petro Matad in a research report on Friday, May 30th.

Petro Matad Stock Performance

The stock has a 50 day moving average price of GBX 1.70 and a two-hundred day moving average price of GBX 1.59. The company has a market capitalization of £22.93 million, a PE ratio of -2.61 and a beta of 2.24.

About Petro Matad

Petro Matad Limited, together with its subsidiaries, engages in the exploration, development, and production of oil in Mongolia. It holds 100% interests in production sharing contract blocks, including Ongi Block V that covers an area of approximately 7,937 square kilometers; and Matad Block XX that consists of an area of approximately 214 square kilometers in Mongolia.